Instigated by an agreement negotiated between the European Commission (EC) and Microsoft Corp. (MSFT), a new browser selection utility has just become available. Although the browser choice software is intended mainly to be distributed through the Windows update system familiar to Microsoft's Internet Explorer (IE) users, it is also available online for anyone to access.

It is reported that Microsoft IE currently holds approximately 62% of browser market share. That is a powerful position for the company to be in when considering that web browsers are absolutely essential pieces of software. That is, in part, why the EC put pressure on Microsoft to open up the playing field to lesser known browser utilities. With their demands, European regulators essentially cut Microsoft's exclusive IE umbilical cord in July of 2009.

The New York Times reports that Google Inc. (NASDAQ: GOOG) will introduce its own browser -- named Chrome -- but will it cost Microsoft Corp. (NASDAQ: MSFT) any revenues? Since Microsoft gives away its browser, the answer is no. However, Google's move may force Microsoft to divert resources to upgrade its browser to avoid losing market share.

And Microsoft' still dominates the browser market. The Times reports that Microsoft "still holds 73 percent of the browser market. [Open-source browser] Firefox's [share] has climbed to 19 percent, while Apple Inc.'s (NASDAQ: AAPL) Safari has 6 percent." And Google's Chrome introduction marks "a shift for Google, which has strongly backed Firefox."

So why is Google doing this? It could be so that as Google develops applications -- such as search, word processing, spreadsheets, presentation and e-mail programs -- designed to run on browsers for PCs and handheld devices it wants to avoid being so dependent on Microsoft. InfoTech reports that a "new feature in the latest beta of Microsoft IE 8 makes it easier for users to block information about their browsing habits, a move which could hamper Google's interests in display advertising." And while Firefox keeps pressure on Microsoft to upgrade its browser, Google has far more resources to threaten Microsoft's share. So Chrome could divert more Microsoft cash and staff.

I was looking at a one-year chart of Apple (NASDAQ: AAPL) and the stock has gone from $60 to $142 in that short year. I have been recommending it all along.

Some of my fellow bloggers have been trying to find reasons to kill this name for the past few months and yet the stock keeps moving up. Why not sell and take profits here at $140? Awfully tempting, isn't it? You could, but I wouldn't. This stock could double again over the next three years as this is the most classic growth story I have seen in a while. The multiple legs of growth have been in place and only continue to get better.

Professional growth fund managers are smiling broadly when the name Apple comes up in conversation. Of course, they own it and in fact, many I speak with are overweight their AAPL position. This means they own a larger than normal position, percentage wise, in their respective portfolio. The reasons are multiple

In the past two weeks, Apple Inc.'s (NASDAQ: AAPL) stock came down from a high of $127.61 to $117, and the stock settled back in and closed Friday at $120.75. As the shares were trading from the $120-127 level, the daily trading volume was huge, almost twice the normal 30 million shares traded per day. So what happened?

Apple opened its Worldwide Developers Conference 2007 this past Monday, June 15, for a week-long technical orgy featuring more than 100 very complex and technical sessions. I hear from the grapevine that the hedge funds were hoping for some sort of major announcement from Steve Jobs, Apple's CEO. Hedge funds were driving up the shares on the hopes that Jobs would announce increased expectations for the iPhone, or that the Mac is actually taking additional market share in this June 30 quarter. Hopes were dashed as Jobs gave a routine keynote speech with "nothing dramatic."

The hedge funds bailed out of the shares as the short-term trade possibilities were not materializing. The hedge funds did miss a very important announcement from Steve Jobs. He announced that available immediately is a Windows version for the Safari internet browser. In the first 48 hours, over 1 million were downloaded!

Apple (NASDAQ: AAPL) will ship a version for its Safari browser that works on the PC, a piece of real estate that has been owned by Microsoft's (NASDAQ: MSFT) Internet Explorer and is on the Windows operating system.

One analyst told (subscription required) The Wall Street Journal that the news was not a big deal: "Overall it was a disappointment," said Gene Munster, an analyst at Piper Jaffray. But, to a large extent, that depends on what Apple's goals are.

The browser serves a number of functions aside from being the PC portal to the Internet. Several new Microsoft versions incorporate the company's search technology, and important part of its competition with Google (NASDAQ : GOOG). If Apple uses eventually uses Google for that function, it could further advance their lead in search.

Windows Internet Explorer also contains other Microsoft products like Window Messenger. Computers with the Safari browser would not have easy access to that.

Apple's initiative may be small, for now, but with Mac sales growing adding a Windows version of its browser further helps Apple to expand into an areas that has been owned by Microsoft and the PC manufacturers.

Douglas A. McIntyre is a partner at 24/7 Wall St.

Apple ended the day at $55.54, up a nice 54 cents. Negative news about build quality has been dogging Apple lately, and the race between the iPod feature set and Microsoft's entry into the battle are now on and being reported very widely on by the press. On top of that, today saw Apple's top guy in Japan step down.

Nonetheless Apple is forging ahead with the positive. Silicon.com is predicting Apple market share to go up as Apple keeps smacking down the various objections to making the switch, and some websites are remarking on the amazing jump in browser statistics on the web. According to a recent browser survey, Apple's Safari web browser is now used by 3.19%of the browsing public, up from 1.50% in 2004, and 2.15% last year. A very strong growth pattern that hints at general Apple market share growth.

[Disclosure: I own Apple stock at the date of this post]